Pace of Job Cuts Hits 11-Year Low

Chicago, IL, July 6, 2011 -- Planned job cuts rose 11.6% to 41,432 in June, according to outplacement firm Challenger, Gray & Christmas.

However, the overall pace of downsizing fell to its lowest level in 11 years, the firm said.

The mid-year total of 245,806 layoffs is the lowest since the turn of the century, according to the report.

“Continued slowness in the pace of job cuts is certainly promising. However, hiring is coming in spurts and is not quite robust enough to make a significant dent in unemployment,” John A. Challenger, CEO of Challenger, Gray & Christmas, said in a press release.

Strong payroll gains in between February, March and April were offset by slow growth in May, he added.